Dalal Street :: India Equity Research, Investment Analysis

A2Z Maintenance Engineering – AVOID – Why is Rakesh Jhunjhunwala Selling Out ?

December 8, 2010December 10, 20102 min read

A2Z Maintenance & Engineering Services Ltd. (AMESL) is catering to the Indian infrastructure space with diversified business model focusing on growth areas of power, municipal waste management and varied range of services.

A2Z intends to use the proceeds of the IPO for Investment in three biomass (bagasse)-based power cogeneration projects of 15 MW each in the State of Punjab, Investment in various subsidiaries, repayment of loans and working capital requirements.

The Company’s near term revenue visibility is supported by good order book of [Rs 1200 Cr] its EPC business (more…)

Economy, Markets and Macro Views

Can India Sustain 8.9% Q2 GDP Growth ?

December 1, 20101 min read

India’s GDP growth in 2Q FY11 surprised on the upside, as it accelerated to 8.9% from 8.8% in 1Q on the back of a pick up in agriculture (4.4%) services (9.6%) and Government spending, even as industry growth slowed to 8.6% YoY from 11.3%.

For the Full year, growth forecast is 8.6% (from 8.4%) in FY11E and 8.4% (from 8.2%) in FY12E. In particular, we expect an equally
robust December quarter with agriculture recording strong growth on the base effects of last year’s drought.

With inflation likely to be a bit tricky (more…)

Equity Research

IRB Infra – Quoting At Discount

November 29, 2010December 9, 20102 min read

Almost all the broking house say that the Discount on IRB Infra is unwarranted. The stock is down its from its peak of INR 313 in Aug 2010; more importantly, the stock has corrected ~25% in the last month.

The main reason for correction – Slowdown in NHAI project award since May 2010 and Delay in start of execution in the 4 projects won last year – While execution was expected to begin on all projects in Q1FY11, it eventually started on 2 projects in Q2FY11 and (more…)

Equity Research

Power Utilities – India headed to meet Demand ?

November 26, 20101 min read

Leading FII BNP Paribas has downgraded the Indian Power Sector to Negative citing Overcapacity in 2013. India is set to see an unprecedented power generation capacity addition. Can we expect India to enter a slight base-load surplus in FY12, worsening to 16% in FY13 ?

Research indicates a market-clearing price of INR4/kWh, assuming that a majority of thermal power plants operate at 70% utilisation rates. An IPP can improve utilization rates only by pricing its output at (more…)

Breaking Corporate India Earnings News

Loan Scam – IIFL in Carnage – Is Money Matters Financial to be Blamed ?

November 26, 2010November 26, 20102 min read

Are investment bankers the Worst people when weighed on the scale of Ethics ? Guess the Collapse of Wall Street in 2008 and recent Loan Scam has ample evidence to prove the same.

Money Matters Financial Service – MOMF has a questionable history, window dressed by broking firm IIFL. MOMF bought Dover Securities, listed on BSE, and reverse-merged with Dover Securities. Under the guidance of IIFL, MOMF did a QIP Placement to Goldman Sachs, Morgan Stanley and other FIIs at Rs 625 raising around Rs 400 Cr.

The Unanswered Questions:
How come none of the Institutions questioned the Business practice of MOMF ? Were they all too blind or were (more…)

India IPO Reviews and Updates

MOIL Limited – Review – Subscribe

November 26, 20101 min read

I have read lot of reviews on MOIL. However, the first and foremost is the basic industry in which MOIL operates. It is Manganese and the scope of this is not as huge as Iron Ore and is very small. However, MOIL has a 45% market share in India.

MOIL is a Debt Free company with Rs 105 Cash / Share on its balance sheet. The financials of MOIL are discussed here. I would like to make some guesstimates on the subscription taking (more…)

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